I assumed there was a reason for the sell-off after the good news in July. Raising money, In-licensing, patent issues (raised by others on this board). In hindsight, I should have sold all of my shares and bought back today.
We hit 3.20 -3.40 and then right back down. My $15MM guess was close based on the then (recently eroded) market cap and a back of the envelope discount, assuming that they would probably give away too much. (I didn't think the general mkt would have had such an impact on the Co.) Neuro has pointed out in a very coherent way that many of the small cap bio stocks that he follows were getting battered as well. So, I guess, I came close, but in hindsight, maybe with the wrong reasoning. (Proven by my shock of the announcement and sliding price this morning.)
My gut told me that they might raise just enough to cushion any negative event. (Maybe $5MM in increments to send a signal that the Co. was not desperate for a BP deal.)
I, like most on this board, took my lumps today. I hope that the Company can shed some light on their thinking. The timing I understand and could agree with, the terms of the deal (ie pricing)seems to be horrible. (I was also was miffed that the Co. didn't schedule a call.) I, for one, would like to know why the terms are so bad. (This investor relations dept is useless.) Assuming that the Co. could have waited by raising less money, maybe $5-$8 Million)
I suspect that Stoll is sending a signal that he is proceeding on plan and will not be held hostage by a prospective BP etc.
Stoll's discussion of inlicensing has the same stench. (I respect the bravado but do, however, hope that he realizes who pays his salary.)
That being said, I do think that he is actively getting the COR house in order with Varney. (I really hope that I am not giving him too much credit.)
Does anyone have an opinion as to the status of CX701? Why has the company been radio silent?
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